There are signs which are not wrong. When Gérard Phillipot, founder and President of Unilog, vote last spring up 55 of the dividend, it made clear that he preferred now towards his pocket rather that accelerate growth, like other shareholders could hope its cash flow. Therefore, it was logical that stock market place the French software at the top of the potential targets of a likely consolidation of the sector, and its title, considered one of the most attractive in Europe, is under pressure. But the haste of Gérard Philippot and other founders of Unilog to achieve the fruit of their work does not necessarily led to the right place. Their case is an exceptional opportunity for LogicaCMG, because it will bring to the British, in addition to access to large customers, the critical size in France and Germany without which he remains convicted seconds roles and losses. The problem is that the buyer does not have the means to pay the true value of Unilog cash and EUR 73 that he refers to as the basis for any settlement agreement are far from what was waiting for the market. Even if the leaks that have packaged the Unilog course before any official communication deserve obviously an investigation on possible insider, it is clear that this award should provoke a huge frustration or... a one-upmanship.
The signal of the Agnelli
A good balance is not enough to sell cars, but it is essential to continue to produce. The Agnelli did not erred on the time of their new appointment with Fiat, the most visible assets of their history. Between the conversion of debt into capital and the withdrawal of Edison, the balance sheet of the Group changed its physiognomy in a few days. Whether to take with care profits spiked to the exceptional items displayed in late June for the first time since long time Fiat ceased to burn the cash in its day-to-day operations. With a minimum of faith in the capacity of Fiat Auto to design models that are sold, the time was therefore ideal for reinvesting in the basket of the European automobile. As the 575 million euros cost to the Agnelli keeping their weight in ownership highlight a cost per action well below the level of the course, in very strong rebound for four months. What bother banks which, they come to pay a premium of 33 for exchange their securities Fiat. But if the Agnelli seem confident of a great deal, their act will affect also all investors who doubted even that Fiat or anything other than an object of speculation in the short term. And a sustainable market revival of Fiat will be the best way for banks to cover their losses.
When moved from the bottom of the class to the top, should redouble their efforts to live up to its new status as good student and to forget his reputation as a dunce. This is what is making Veolia displaying tempting prospects of growth in revenues and profits after a first half above expectations. It is true that the group led by Henri Proglio, after the strong stock market rally that has greeted its final output of the orbit of Vivendi, should find itself in new ways to surprise. Today with a superior relative stock market valuation of 25 of Suez, Veolia largely succeeded his focus, while maintaining a portfolio of activities more varied and more balanced than that of its major competitor. At the time when the latter managed to overdrive in power without degrading its indebtedness, Veolia, who negotiated with EDF the redesign of their relations in Dalkia, must find new relay, beyond the mere improvement of its existing activities, if it wants to maintain the premium it received so far. Management to find the trades and the appropriate countries to do so, in the light of the lessons learned from the past.